FLASH Target sales rise 2% in 2Q, shares up 14% premarket
1 Federal Judge Overturns FTC's Ban on Noncompete Agreements
2 NYC Migrant Crisis Spending Surpasses $5 Billion
3 Senate Democrats Face Uphill Battle in Fight to Retain Slim Majority
4 Gold Bars Now Worth Over $1 Million Each
5 Election Roundup: RFK Jr. Considers Trump Alliance, Harris Raises Half Billion, Walz's Record Draws Fire, Obamas at DNC
8/21/1980 People for the Ethical Treatment of Animals (PETA) is founded

Traveling, no podcast or heartland citizen journal 8/21-22

FLASH Target sales rise 2% in 2Q, shares up 14% premarket

Ed note: I always focus on Walmart and Target's earnings reports due to the importance of retail spending in the U.S. economy

Article Source: Target

1 Federal Judge Overturns FTC's Ban on Noncompete Agreements

A federal judge in Texas on Tuesday struck down a landmark regulation issued by the Federal Trade Commission that sought to ban employers from using noncompete agreements to prevent most workers from joining rival firms. U.S. District Judge Ada Brown ruled that the commission’s authority to police unfair methods of competition couldn’t be used to issue substantive regulations that ban an entire category of conduct.

Article Source: WSJ

2 NYC Migrant Crisis Spending Surpasses $5 Billion

New York City has likely surpassed $5 billion in spending on services for migrants — including nearly $2 billion alone on housing the scores of new arrivals flooding into the Big Apple, according to city data. The eye-popping figures, listed on the city’s online asylum-seeker funding tracker, shows the city overall spent $4.88 billion combined through fiscal years 2023 and ‘24. Based on the rate of spending, the city likely exceeded more than $112 million since the start of the new fiscal year beginning July 1, or will soon, cracking $5 billion.

Article Source: NY Post

3 Senate Democrats Face Uphill Battle in Fight to Retain Slim Majority

Senate Democrats face a grueling and narrow path to maintain their slim 51-49 majority this fall, as they prepare to defend 23 seats across the United States, many of them in purple and red states. With Sen. Joe Manchin III (I-W.Va.) retiring, Republicans are all but guaranteed to pick up at least one seat in that ruby red state, putting even more pressure on Sens. Sherrod Brown (D-Ohio) and Jon Tester (D-Mont.) to defy political gravity once again in their red states and win reelection.  Only 11 Republican-held seats are up for election in November. If Republicans win those races as expected and flip just one state, the Senate will be tied 50-50 with deciding votes made by the new vice president. If they flip two seats, Republicans will win back Senate control no matter who is in the White House.  

Article Source: WaPo

4 Gold Bars Now Worth Over $1 Million Each

For the first time ever, a bar of gold is worth a cool one million dollars. The milestone was reached Friday, when the precious metal’s spot price surpassed $2,500 per troy ounce, an all-time high. With gold bars typically weighing about 400 ounces, that would make each one worth more than $1 million.  

Bloomberg

Stocks are having a great year. Gold, which recently passed an all-time high of $2,500 an ounce, is having a historically great one. It’s not just that gold has beaten the S&P 500 by a couple of percentage points. It’s that gold investors have earned these returns owning an asset whose main benefit is that it is uncorrelated with stocks. It’s a hedge for goodness sake! Bonds, the other classic (and more rational) hedge, are miles behind. 

Unhedged

Article Source: Bloomberg, Unhedged newsletter

5 Election Roundup: RFK Jr. Considers Trump Alliance, Harris Raises Half Billion, Walz's Record Draws Fire, Obamas at DNC

Robert F. Kennedy Jr.'s running mate Nicole Shanahan said in an interview out Tuesday that the campaign is considering dropping its bid and joining forces with former President Trump as it weighs its options for the future. 

Axios

U.S. Vice President Kamala Harris' election effort has raised around $500 million since she became the Democratic presidential candidate, sources told Reuters, an unprecedented money haul that reflects donor enthusiasm going into the Nov. 5 election. 

Reuters  

The Minnesota governor’s eagerness to go big led to more than two dozen major laws passing this past year, an agenda that is already being used by Republicans to bolster their case that he governs from the far left. Despite being a two-term governor with over a decade in Congress as a moderate, the progressive record he pursued over roughly five months could undercut the Harris campaign strategy of selecting a folksy, plain-spoken Midwesterner to help her win over more independent voters. 

WSJ

In the final speech of the night, former President Barack Obama made the case for electing Vice President Kamala Harris to the nation’s highest office. He warned Democrats to brace for a tough fight with Donald Trump, while also calling for them to bring down the political temperature. The former president was introduced by his wife and former first lady Michelle Obama. 

WSJ

Article Source: Reuters, WSJ, Axios

8/21/1980 People for the Ethical Treatment of Animals (PETA) is founded

Sources

1. Target

2. https://www.wsj.com/us-news/law/judge-tosses-ftc-ban-on-noncompete-agreements-ae517b48?st=ul4ffw3fthhixct&reflink=article_copyURL_share

3. https://nypost.com/2024/08/13/us-news/nyc-migrant-crisis-costs-will-crack-eye-popping-5-billion-on-shelters-security-and-food/

4. https://www.washingtonpost.com/elections/2024/2024-us-senate-races-to-watch/

5. https://www.bloomberg.com/news/articles/2024-08-19/gold-bars-are-worth-a-million-dollars-for-the-first-time

6. https://www.axios.com/2024/08/20/rfk-jr-nicole-shanahan-2024; https://www.reuters.com/world/us/harris-election-effort-raises-around-500-million-month-sources-say-2024-08-20/; https://www.wsj.com/politics/elections/tim-walz-vp-minnesota-governor-gop-f8c54d52?st=sb1dy2mkg6enisk&reflink=article_copyURL_share; www.wsj.com/livecoverage/dnc-election-2024-harris-walz